New Penn Financial acquires Stenton Mortgage and Universal Trust Mortgage AssetsMortgagePress.comacquisition, FHA loans, New Penn Financial,
New Penn Financial LLC has announced its recent acquisitions of
Stenton Mortgage, a retail mortgage banking company located in
Plymouth Meeting, Pa. and the assets of Universal Trust Mortgage, a
12 year old retail Mortgage Broker with 45 employees, in Columbia,
Md. With these two acquisitions, both of whom specialize in FHA
mortgage loans, New Penn Financial has expanded its capacity of
originating FHA mortgage loans to serve the unmet demand of this
market because of the disruption in the mortgage industry.
This acquisition comes at a time where FHA loans are at an all
time high. According to Inside Mortgage Finance, the percentage of
FHA loans has grown to 23 percent in July 2008, up from 1.8 percent
in 2006 [of the overall mortgage market].
"While other mortgage companies are shutting down or reducing
operations, New Penn Financial has increased to almost 100
employees with additional growth planned over the next several
months," said Jerry Schiano, president and CEO, New Penn Financial.
"Additionally, we believe FHA's share of mortgages will continue to
grow at a dramatic pace and, with our FHA expertise and increased
loan origination capacity, we are well positioned to meet this
growing demand while remaining committed to offering the right
long-term product to each of our customers."
In addition to offering mortgages directly to consumers, New
Penn Financial has launched two other growth channels. The first
channel is designed for mortgage and investment companies that
service their own mortgage loans. Working with these companies, New
Penn Financial offers its analytical capabilities, FHA expertise
and ability to identify the appropriate loans for consumers to
improve their client's portfolio performance by refinancing their
customers into more appropriate loans.
The second channel, an Affinity program, is designed for
regional and local community banks and credit unions that want to
offer FHA mortgage loans to their customers to capture this growing
revenue source but are not FHA approved lenders. The Affinity
channel will roll out this fall with a fully dedicated office in
Charlotte, N.C.
For more information, please visit www.newpennfinancial.com.
